SMEs want lower taxes and ‘less red tape’ under next Government

A new study suggests that more than a third of Britain’s small and medium-sized enterprises (SMEs) want to see lower taxes after the upcoming General Election, while almost half want a business environment characterised by ‘less red tape’.

The research, which was carried out by lender Hitachi Capital, quizzed more than 1,100 SMEs in order to determine a small business “shopping list” ahead of the imminent General Election.

The group’s survey found that 35 per cent of SMEs want the winner of Thursday’s General Election to lower taxes, while a further 40 per cent want to see business regulations simplified.

27 per cent of SME respondents said that they want interest rates to be kept at record lows, while 20 per cent of small businesses are calling for April’s business rates hikes to be reversed.

Commenting, Gavin Wraith-Carter, of Hitachi Capital, said: “[Our SME] shopping list for a new Government gives a clear picture of the issues [SMEs] want tackled to ensure that small businesses can continue to be the driving force behind the British economy.

“Simplified regulation, revisiting business rates, lower taxes and holding interest rates are big issues that, [if] tackled well, will help SMEs believe they can grow.”